Proceedings of the Multimedia University Engineering Conference (MECON 2022)

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Design of a Smart Water Storage and Trading Platform Based on Blockchain Technology

Authors
Sheng Wu Cheng1, Kan Yeep Choo1, *
1Faculty of Engineering, Multimedia University, Persiaran Multimedia, 63100, Cyberjaya, Selangor, Malaysia
*Corresponding author. Email: kychoo@mmu.edu.my Email: kychoo77@gmail.com
Corresponding Author
Kan Yeep Choo
Available Online 23 December 2022.
DOI
10.2991/978-94-6463-082-4_30How to use a DOI?
Keywords
IoT Smart Tank; Blockchain; XYM Symbol; Sensor; Water Sustainability
Abstract

A distributed and decentralized smart water storage and trading platform based on blockchain technology for sustainable water supply has been demonstrated in this work. Users in the platform are able to share water resources by selling off or buying in the amount of water that they need. All transactions performed on the blockchain are highly secured and tamper resistance owing to the distributed, decentralized, and immutable features readily available in the Symbol blockchain. This makes the transactions more reliable and cost effective as third party involvement in the verification of users and transactions become redundant. Water is asset tokenized in which users can transact the required amount of water using token without any transaction fee. Cost saving is achieved because a transaction fee is only applicable when the token is exchanged with the Symbol XYM and then converted to conventional currency. Besides, the exchange rate between the token and Symbol XYM can be dependent on the demand and supply of the water instead of a single entity.

Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the Multimedia University Engineering Conference (MECON 2022)
Series
Advances in Engineering Research
Publication Date
23 December 2022
ISBN
10.2991/978-94-6463-082-4_30
ISSN
2352-5401
DOI
10.2991/978-94-6463-082-4_30How to use a DOI?
Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Sheng Wu Cheng
AU  - Kan Yeep Choo
PY  - 2022
DA  - 2022/12/23
TI  - Design of a Smart Water Storage and Trading Platform Based on Blockchain Technology
BT  - Proceedings of the Multimedia University Engineering Conference (MECON 2022)
PB  - Atlantis Press
SP  - 343
EP  - 357
SN  - 2352-5401
UR  - https://doi.org/10.2991/978-94-6463-082-4_30
DO  - 10.2991/978-94-6463-082-4_30
ID  - Cheng2022
ER  -